I was pleased to attend last week in Geneva “Building an Art Market for the Future—Guidelines for Countering Money Laundering and Terrorist Financing Threats” hosted by the Fondation pour le Droit d’Art (Art Law Foundation) and the Art Law Centre of the University of Geneva. The conference was the official launch of the Responsible Art Market initiative, and offered valuable, market-focused discussion about the risks of money laundering and terrorist financing in the art market. Refreshingly, the day’s panel discussions focused on best practices and goals, rather than the oft-heard lamentations about problems with the art market. The implicit point that came through was a powerful one: as both private sellers and law enforcement speakers explained, art dealers are not engaged in large-scale shadowy financial dealings. But art dealers and buyers are at serious risk of being used by criminals engaged in money laundering, which can have serious consequences. Because willful blindness is no defense, the conference and the initiative provided valuable practical advice.
Topics: Geneva, Fondation pour le Droit d’Art, Art Law Foundation, University of Geneva, Art Law Centre, Responsible Art Market initiative, Pierre Gabus, Sandrine Giroud, Anne Laure Bandle, Mathilde Heaton, Switzerland, Art Dealers Association of Switzerland, Luxembourg, AML, Ursula Cassani, Money laundering, Terrorist financing, Sylvia Furrer Hoffmann, Stiftung Kunsthalle, Bern, Ricardo Sansoletti, Simon Studer, Jean-Bernard Schmid, Ralph Wyss, Deloitte, Rakhi Talwar
Topics: Events, Fondation pour le Droit d’Art, Art Law Foundation, Geneva, University of Geneva, Pierre Gabus, artgenève, Anne Laure Bandle, Sandrine Giroud, Lalive, Marc-André Renold, Ursula Cassani, Riccardo Sansonetti, Simon Studer, Mathilde Heaton, Jean-Bernard Schmid, Rakhi Talwar, Ralph Wyss, Responsible Art Market, RAM